Economics Homework

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1-Use an excel scatter (X,Y) chart to explain how the sign (- or +) of the slope reveals the market economic relationship. Label On the X,Y chart: X= the 11 observations, Y1= Supply & Y2= Demand

(Quantity Demanded) Qd= 11 – P or P = 11 - Qd

(Quantity Supplied) Qs = P – 1 or P = 1 + Qs

2-Fill in the spaces below using the equations.

Price Quantity Quantity

Per Item

$8

$7

$6

$5

$4

3-Graph the data above and correctly label the equilibrium, equilibrium quantity, equilibrium price as well as the axes and curves.

4-Draw a line at a price of $8 and explain the market result. Do the same with a price of $14.